My take :
While talking about the success of the Bolero (actually M&M has clubbed ALL the Bolero passenger carrying variants under one sales number), one mostly thinks about the versions that private buyers (like most of us posting on this thread) consider.
It is misleading to think that the higher end Bolero versions that may appeal to private buyers, are the ones that are being sold in large numbers. I would conjecture that large numbers of low-end variants (like the aforementioned XL or Plus) are being sold for commercial / fleet / institutional usage, which form a good base for the overall high number.
One must also look at it's "competition" ... serious and otherwise ...
M&M Bolero :
Mahindra Bolero
Tata Motors (Sumo series especially the Victa DI Turbo) :
TATA Motors - Utility Vehicles and
Force Motors (sucessors to the Trax series especially the Gama) :
...::: Welcome to Force Motors : Products Section :::...
ICML (Rhino Rx) :
Sonalika Group | Products | Product Detail
If you look at the players it immediately becomes evident that, for the package (in order of priority = image, price, FE, features, reliability, ruggedness, network), the others just can't compete for the private buyer's money.
For a good reason, I have not included lower-end versions of Scorpio, Innova, Safari and Tavera as competitors. They are really NOT the same class of vehicle
HOWEVER, the truth is, M&M has successfully created an image for the top-end Bolero variants, where it actually appeals to the large crowd who REALLY WANT a Scorpio or a Safari or an Innova, but can't stretch to, or don't want, the base variants of these worthies.
Apparently there are a LOT of consumers who REALLY WANT an SUV, but are willing to settle for a better value proposition. Which is probably where the incremental sales are coming from; lifting the Bolero above and beyond all the other SUVs / MUVs.
In short, the secret to it's success is : it's appeal cuts across market and customer segments.
Cheers,
FourWheelDrift